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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets    
Land $ 373,171 $ 373,171
Income producing property 1,903,648 1,897,835
Net income producing property, at cost 2,276,819 2,271,006
Accumulated depreciation and amortization (502,104) (481,588)
Net income producing property 1,774,715 1,789,418
Properties under development or held for future development 31,260 31,260
Total real estate held for investment, net 1,805,975 1,820,678
Cash and cash equivalents 7,044 8,389
Restricted cash 1,487 1,463
Rents and other receivables 16,095 16,346
Prepaid expenses and other assets 24,398 25,730
Total assets 1,854,999 1,872,606
Liabilities    
Notes payable, net 521,761 497,359
Line of credit 35,000 55,000
Accounts payable and other liabilities 28,583 34,386
Dividend payable 15,869 14,934
Advance rents 1,800 1,578
Tenant security deposits 5,671 5,563
Total liabilities 608,684 608,820
Shareholders’ equity    
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding 0 0
Shares of beneficial interest, $0.01 par value; 150,000 shares authorized; 87,709 and 87,534 shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively 877 875
Additional paid in capital 1,731,701 1,729,854
Distributions in excess of net income (472,503) (453,008)
Accumulated other comprehensive loss (14,056) (14,233)
Total shareholders’ equity 1,246,019 1,263,488
Noncontrolling interests in subsidiaries 296 298
Total equity 1,246,315 1,263,786
Total liabilities and equity $ 1,854,999 $ 1,872,606